| Practice area: | Education and Labour Markets |
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| Client: | University of Glasgow |
| Published: | 18 March, 2024 |
| Keywords: | economics of education higher education 2024 Public Policy |
London Economics were commissioned to assess the economic impact of the Cancer Research UK Scotland Institute (formerly Beatson Institute) and the University of Glasgow’s School of Cancer Sciences in the United Kingdom.
The total economic impact on the UK economy associated with the CRUK Scotland Institute’s and the School of Cancer Sciences’ activities in 2021-22 was estimated at approximately £503 million. Of this total:
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- The impact generated by the operating and capital spending of the CRUK Scotland Institute and the School of Cancer Sciences stood at £77 million (15%);
- The impact of the institutions’ research activities stood at £407 million (81%); and
- The economic contribution of the institutions’ teaching and learning activities stood at £19 million (4%).
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The impact of the institutions’ research is significant given the benefits it brings both in terms of patient outcomes and the additional investment that it ‘crowds in’.
The institutions’ investments in cancer research lead to improved patient outcomes through both improved treatment and prevention. These benefits can be quantified by estimating the impact on quality-adjusted life years (QALYs), which measure the additional life years gained from cancer research, adjusted for health-related quality of life. We estimate that the future net QALY benefits of the institutions’ research in 2021-22 throughout the UK stand at approximately £273 million.
In addition, we estimate that publicly funded and charity funded expenditure in research and development ‘crowds in’ additional private sector research funding, the economic impact of which is estimated to be £99 million.
Compared to the CRUK Scotland Institute’s and School of Cancer Sciences’ total operational costs of approximately £51 million in 2021-22, the total impact of the institutions’ activities on the UK economy was estimated at £503 million, which corresponds to a benefit to cost ratio of 9.8:1.
The report is available here, with an associated press release available here.